Category: Financial Crime

Regulatory Watch News

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  Treasury Sanctions Key Members of La Linea, a Group Involved in Trafficking Fentanyl into the United States

  OFAC

  October 31, 2024

  WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned five Mexican nationals and two Mexico-based entities linked to La Linea, a violent Mexico-based drug trafficking organization responsible for trafficking fentanyl and other deadly drugs into the United States. Today’s action was coordinated closely with the Drug Enforcement Administration and the Government of Mexico, including La Unidad de Inteligencia Financiera (UIF), Mexico’s Financial Intelligence Unit.

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  Anti-fraud tool Confirmation of Payee expanded to hundreds of more firms

  Payment Systems Regulator

  October 31, 2024

  Today, the Payment Systems Regulator (PSR), marks another significant milestone in its fight to tackle fraud, as hundreds of additional financial firms adopt the name-checking service, Confirmation of Payee (CoP). This expanded rollout means that over 99% of all transactions made through Faster Payments and CHAPS are now safeguarded by this vital anti-fraud measure, offering consumers an important way to protect themselves from fraud.  

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  Investigation Huracán: Main defendants convicted for €53 million VAT fraud in Germany

  European Public Prosecutor's Office

  October 31, 2024

  (Luxembourg, 31 October 2024) – Following a large-scale VAT fraud investigation led by the European Public Prosecutor’s Office (EPPO) in Cologne (Germany), code-named ´Huracán´, five individuals were convicted yesterday (30 October) by the Regional Court in Düsseldorf for organised VAT fraud, and aiding and abetting tax fraud. Their criminal activities, which involved trading cars, are estimated to have caused damage of more than €53 million.